Business results for 2002 and future plans from POSCO
A meeting was held by POSCO on January 28, 2003 where participants from its overseas subsidiaries reviewed business results from 2002 and made business plans for this year.
According to the data reported, last year the sales of POSCO's subsidiaries were $1.8 billion which is down $10 million from 2001, due to lower trade volume of raw material subsidiaries. Furthermore, as a result of increased sales activities and favorable market conditions the net income reached $48 million, which is $8 million higher than last year.
In addition to these business results for last year, POSCO's plans for 2003 overseas
investments focus on the expansion of investment in
China in line with the company's growth and corporate restructuring in subsidiaries and competitiveness. Besides the sales target for POSCO's subsidiaries for 2003 is $1.9 billion with an increase of $116 million from last year while the target for net income is $56 million, which is $8 million more than the previous year.